Cowen Inc. completed its acquisition of middle-market focused advisory company Quarton International AG and affiliated Quarton entities.
Effective Jan. 3, Quarton International's U.S. operations began operating under the Cowen brand, while Quarton International Europe became Quarton, a Cowen Co.
As part of the deal, Cowen acquired 100% of Quarton International's equity interests for upfront consideration of $75 million, subject to net working capital and other customary adjustments, plus additional contingent consideration of $40 million.
Additionally, the surviving entity established a retention bonus pool for previous Quarton International employees. All consideration, including pursuant to any employee retention program, is comprised of 80% cash and 20% of Cowen's class A common stock.